19 January 2011
MUSCAT -- BankMuscat reaffirmed its status as a leading financial adviser with the successful closing of Barka 3 and Sohar 2 power projects in Oman.
The two projects with an investment of around US$1,700 million will add 1500 MW power capacity to the system by the summer of 2013.
BankMuscat was the financial and lead adviser to Oman Power and Water Procurement Company (OPWP) responsible for the two projects.
Tendered under a tight timetable to address the growing power demand in Oman, the project was awarded to the consortium led by France's GDF Suez.
Commenting on the bank's success, Abdulrazak Ali Issa, Chief Executive, said:
"The financial close of the two power projects in Oman was achieved during difficult market conditions, thereby cementing Oman's reputation as a country of choice for developers and financial institutions.
The participation of seven strong bidders is a demonstration of international investor's confidence in Oman and in the process adopted by OPWP.
We at BankMuscat are proud to have advised OPWP and thank the Government for giving us this opportunity".
The achievement comes on the heels of another successful financial close by the BankMuscat Investment Banking team which successfully raised $1,600 million for the 600 MW coal- fired power project by Botswana Power Corporation.
BankMuscat acted as financial adviser to the government-owned Botswana Power Corporation, which won the African Power Deal of the Year Award from Project Finance International.
BankMuscat is also advising a Jordan government entity -- Aqaba Water Company -- for an independent water project at Aqaba in Jordan. Over the last few years, BankMuscat has expanded and further strengthened its position in the infrastructure advisory business regionally as well as globally.
Leading infrastructure magazines viz Infrastructure Journal and Project Finance International have consistently ranked BankMuscat among the top 25 global financial advisory firms. Commending the team on the success, AbdulRazak Ali Issa remarked:
"We are pleased with the achievements of our Investment Banking team. The success is a further testimony to the expertise and in-depth experience available at BankMuscat to handle complex transactions.
The team has successfully expanded its area of operations in the African and Asian markets having executed transactions in Oman, the UAE, Saudi Arabia, Bahrain, Jordan and Botswana."
BankMuscat won the financial advisory mandate for the two power projects in stiff competition with renowned international advisers. The bank worked in consortium with Finland's Poyry, technical consultant, and UK's Berwin Leighton Paisner, legal consultant, to manage the bid process for the award of the two projects. The two projects are among the largest project finance transactions completed in 2010 in the GCC region.
The projects attracted participation from various financing sources, including export credit agencies from Germany and Korea, and international commercial banks, many of whom are familiar with the well-developed and successful Omani framework of developing power projects with private sector participation.
MUSCAT -- BankMuscat reaffirmed its status as a leading financial adviser with the successful closing of Barka 3 and Sohar 2 power projects in Oman.
The two projects with an investment of around US$1,700 million will add 1500 MW power capacity to the system by the summer of 2013.
BankMuscat was the financial and lead adviser to Oman Power and Water Procurement Company (OPWP) responsible for the two projects.
Tendered under a tight timetable to address the growing power demand in Oman, the project was awarded to the consortium led by France's GDF Suez.
Commenting on the bank's success, Abdulrazak Ali Issa, Chief Executive, said:
"The financial close of the two power projects in Oman was achieved during difficult market conditions, thereby cementing Oman's reputation as a country of choice for developers and financial institutions.
The participation of seven strong bidders is a demonstration of international investor's confidence in Oman and in the process adopted by OPWP.
We at BankMuscat are proud to have advised OPWP and thank the Government for giving us this opportunity".
The achievement comes on the heels of another successful financial close by the BankMuscat Investment Banking team which successfully raised $1,600 million for the 600 MW coal- fired power project by Botswana Power Corporation.
BankMuscat acted as financial adviser to the government-owned Botswana Power Corporation, which won the African Power Deal of the Year Award from Project Finance International.
BankMuscat is also advising a Jordan government entity -- Aqaba Water Company -- for an independent water project at Aqaba in Jordan. Over the last few years, BankMuscat has expanded and further strengthened its position in the infrastructure advisory business regionally as well as globally.
Leading infrastructure magazines viz Infrastructure Journal and Project Finance International have consistently ranked BankMuscat among the top 25 global financial advisory firms. Commending the team on the success, AbdulRazak Ali Issa remarked:
"We are pleased with the achievements of our Investment Banking team. The success is a further testimony to the expertise and in-depth experience available at BankMuscat to handle complex transactions.
The team has successfully expanded its area of operations in the African and Asian markets having executed transactions in Oman, the UAE, Saudi Arabia, Bahrain, Jordan and Botswana."
BankMuscat won the financial advisory mandate for the two power projects in stiff competition with renowned international advisers. The bank worked in consortium with Finland's Poyry, technical consultant, and UK's Berwin Leighton Paisner, legal consultant, to manage the bid process for the award of the two projects. The two projects are among the largest project finance transactions completed in 2010 in the GCC region.
The projects attracted participation from various financing sources, including export credit agencies from Germany and Korea, and international commercial banks, many of whom are familiar with the well-developed and successful Omani framework of developing power projects with private sector participation.
© Oman Daily Observer 2011
